HOUSTON – (Realty News Report) – Wan Bridge, a Texas-based builder of build-to-rent communities, is building Lakeside Conroe near the shores of Lake Conroe north of Houston in Montgomery.
The build-to-rent community will include 169 single-family detached homes and 140 duplexes ranging from 1,979 to 2,426 SF.
Some of the homes will be waterfront and have appealing views of Lake Conroe. The development, one of several Wan Bridge is building in Texas, is located just north of Highway 105.
“When evaluating the Lake Conroe area, we noticed a strong need for a neighborhood that offers high-end, long-term, single-family residential rentals,” said Ting Qiao, CEO of Wan Bridge. “Our fast-growing and consumer-approved build-to-rent concept fills an important niche for those preferring to rent but want the space, yard and other benefits of living in a home, with all the home maintenance chores being taken care of. We believe that you do not have to own to call it home, and we are looking forward to offering residents a new option in Conroe.”
Wan Bridge’s in-house property management team TBD Management provides landscaping service to front yard and backyard, replaces air filters on quarterly basis, provide 24/7 property service on call and will even change light bulbs for residents.
A National Trend – Build-to-Rent Single-Family
The build to rent trend has grown significantly in 2021. According to real estate advisory firm RCLCO, around 6 percent of new single-family homes across the United States are purpose-built for-rent, which are appealing to Millennial-led families.
Builders such as Camillo Properties in Houston and Christopher Wood Communities in Arizona have tapped into the burgeoning sector.
Todd Wood, founder of the Christopher Todd Communities in the Phoenix area, says owning a home has always been the American Dream and probably always will be. But renting is affordable for younger people and according to the U.S. Census, 65 percent of renters are under age 35, Wood said in a recent CNBC interview. Christopher Todd Communities has been expanding across the country with new BTR communities developed in partnership with Taylor Morrison Home Corp., one of the largest builders in the nation.
Northwest of Houston in Waller, a single-family rental community was just announced by a partnership of San Antonio-based Lynd Living and Chappell Hill-based T.R. Inscore. The community, called Village of Waller, is projected to have 700 dwellings at build-out.
The Conroe Grand Slam by D.R. Horton
In April, the Wall Street Journal reported the now-famous anecdote of the new Amber Pines at Fosters Ridge subdivision in Conroe, north of Houston. The builder, D.R. Horton, built 124 homes there and rented them, then put the entire block up for sale. Major investors surged to the opportunity, which eventually was acquired by Fundrise LLC for $32 million. The price was about twice as much as D.R. Horton could have received in traditional one-by-one sales to individual home buyers, the Journal reported.
The Wall Street Journal’s Hunter Housing index recently predicted that more than $40 billion will be invested in the built-to-rent market over the next 18 months.
Sept. 25, 2021 Realty News Report Copyright 2021
For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon http://tiny.cc/4a2g6y
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Image courtesy Wan Bridge
File: Wan Bridge Starts Community – Build-To-Rent on Lake Conroe
File: (2) BTR. Wan Bridge Starts Community on Lake Conroe. Build-to-Rent. Christopher Wood Communities. DR Horton.